TMI Blog2009 (5) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... e onus cast upon it as per the provisions of law. - if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of the assessee – Investment not confirmed by some ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deleting the addition made by the Assessing Officer on account of unexplained investment in share capital in spite of the respondent's failure to discharge the onus cast upon it as per the provisions of the law. 1.2 Whether on the facts in the circumstances of the case, the Tribunal was justified in confirming the order of the Commissioner of Income-tax (Appeals) in respect of the share capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts of the case are that the assessee-company filed its return for the assessment year 1989-90. In the assessment proceedings, the Assessing Officer called upon the assessee to establish the identity and creditworthiness of the share applicants as the balance-sheet reflected the capital amount of Rs. 26,45,200. In order to confirm the investment, notices were issued to the shareholders in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue was further dismissed by the impugned order. 6. Mr. Dubey, learned senior advocate appearing for the respondent submits that apart from the reasons assigned by the respondent, the Tribunal, Wherein it has been held that the investment has been verified on the basis of the additional evidence adduced by the assessee, in view of the latest judgment of the hon'ble Supreme Court in the matter o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Supreme Court has held that if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of the assessee-company. 10. Thus, in view of the binding judgment o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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